■ Failures
Singapore takes tough line
Singapore's central bank stressed yesterday that it was prepared to let financial institutions fail and that consumers must be responsible for their investment decisions, clarifying its role as regulator of banks and other firms. The Monetary Authority of Singapore said in a policy statement that the responsibility to ensure financial institutions provide a safe investment option lies not just with the regulators, but with shareholders, creditors and industry associations. The document, titled Objectives and principles of financial supervision in Singapore, outlines the central bank's move toward a more risk-focused supervision of financial institutions operating in this wealthy Southeast Asian island nation from one-size-fits-all regulation.
■ Video editing
Matsushita, Apple team up
Japanese electronics giant Matsushita and Apple Computer Inc plan to market a digital video editing system that would simplify and lower the costs of making TV broadcasts, movies and DVDs, a major financial daily reported yesterday. The technology links Apple's Macintosh-brand computers and digital video-editing software to a soon-to-be-released Matsushita video recorder, the Nihon Keizai newspaper said. It would allow TV program producers, film studios and advertisers to churn out programs, ads and movies in the increasingly popular format that high-definition television sets and digital movie projectors use, the daily said.
■ Transport
China gets new train
China has launched a new train that cuts the travel time between Beijing and Shanghai by two hours, state press reported yesterday. The express train will now take 12 hours to complete the 1,300km trip, Xinhua news agency said. The Ministry of Railways has identified Beijing, Shanghai and southern Guangzhou as key lines for express routes, the report said. It said the ministry would aim to cut rail travel times on these lines further by upping train speeds next year to 200kph from the current 160kph. China is revamping and expanding its creaking and overloaded rail network, with plans afoot to build several new high-speed rail links, including a Beijing-to-Shanghai line. Japan, France and Germany are competing for the contract to develop a super-fast train connecting China's two main cities in a deal worth an estimated 100 billion yuan (US$12 billion).
■ Power
Vietnam builds plant
Construction has begun of a US$247 million hydro-electric power plant in Vietnam's central province of Phu Yen to alleviate electricity shortages in the impoverished region. The plant, which is located on the Ba River, will have a capacity of 220 megawatts and will be capable of producing over 825 million kilowatts of electricity annually. Work officially began on the Ba Ha project on Sunday and it is expected to be completed by 2007. It is one of 10 hydro-electric power plants planned for the Ba River. Two have already been constructed. State-owned Electricity of Vietnam has drawn up plans to build 32 power stations, including 20 hydro-electric plants, across the communist nation between last year and 2010 to meet energy shortages.
NO HUMAN ERROR: After the incident, the Coast Guard Administration said it would obtain uncrewed aerial vehicles and vessels to boost its detection capacity Authorities would improve border control to prevent unlawful entry into Taiwan’s waters and safeguard national security, the Mainland Affairs Council (MAC) said yesterday after a Chinese man reached the nation’s coast on an inflatable boat, saying he “defected to freedom.” The man was found on a rubber boat when he was about to set foot on Taiwan at the estuary of Houkeng River (後坑溪) near Taiping Borough (太平) in New Taipei City’s Linkou District (林口), authorities said. The Coast Guard Administration’s (CGA) northern branch said it received a report at 6:30am yesterday morning from the New Taipei City Fire Department about a
IN BEIJING’S FAVOR: A China Coast Guard spokesperson said that the Chinese maritime police would continue to carry out law enforcement activities in waters it claims The Philippines withdrew its coast guard vessel from a South China Sea shoal that has recently been at the center of tensions with Beijing. BRP Teresa Magbanua “was compelled to return to port” from Sabina Shoal (Xianbin Shoal, 仙濱暗沙) due to bad weather, depleted supplies and the need to evacuate personnel requiring medical care, the Philippine Coast Guard (PCG) spokesman Jay Tarriela said yesterday in a post on X. The Philippine vessel “will be in tiptop shape to resume her mission” after it has been resupplied and repaired, Philippine Executive Secretary Lucas Bersamin, who heads the nation’s maritime council, said
REGIONAL STABILITY: Taipei thanked the Biden administration for authorizing its 16th sale of military goods and services to uphold Taiwan’s defense and safety The US Department of State has approved the sale of US$228 million of military goods and services to Taiwan, the US Department of Defense said on Monday. The state department “made a determination approving a possible Foreign Military Sale” to the Taipei Economic and Cultural Representative Office in the US for “return, repair and reshipment of spare parts and related equipment,” the defense department’s Defense Security Cooperation Agency said in a news release. Taiwan had requested the purchase of items and services which include the “return, repair and reshipment of classified and unclassified spare parts for aircraft and related equipment; US Government
More than 500 people on Saturday marched in New York in support of Taiwan’s entry to the UN, significantly more people than previous years. The march, coinciding with the ongoing 79th session of the UN General Assembly, comes close on the heels of growing international discourse regarding the meaning of UN Resolution 2758. Resolution 2758, adopted by the UN General Assembly in 1971, recognizes the People’s Republic of China (PRC) as the “only lawful representative of China.” It resulted in the Republic of China (ROC) losing its seat at the UN to the PRC. Taiwan has since been excluded from